Illinois Payday Loan Laws and Regulations in (IL)

(last updated 01/02/2018)
Payday loans and cash advances are legal in Illinois.
The Illinois Division of Financial Institutions has been
regulating Payday Loans and Cash Advances since December 6th, 2005.
As of 01/14/2015 there were
50 licensed lenders
and 487 licensed
locations in Illinois.

The maximum payday loan allowed in Illinois is $1000.
The maximum payday loan as a percentage of income is 25% of your gross monthly income.
The number of loans that can be open at one time is 2.
The maximum permissible fees allowed in Illinois is $15.50 per $100 loan.
The cooling off or waiting period for obtaining another loan is 7 business days after having had a loan for 45 consecutive days.
The number of rollovers that are permitted is none.
The minimum loan term is 13 days. The maximum loan term is 120 days.

This information is for informational purposes only.
Although care has been taken to accurately describe the
laws and regulations in Illinois, no
guarantees are implied or expressed about its
accuracy. This is not legal advice. If you need legal advice,
please consult an attorney or the Illinois Division of Financial Institutions.

The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Illinois. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Online approval to $5,000
For bad and so-so credit
Credit Score: less than 680
Funds in 1-72 business hours
Flexible terms of 2 to 36 months
APRs of 12.00 to 450.00%

When hard times hit, a payday loan can be a great tool to cushion the blow. We understand because we’ve been there. It seems like there are as many things out there waiting to beat up your checkbook as there are commuters on the L in the morning.

Maybe you were heading down I-57 on your way to Little Egypt to visit some family and had your car break down by Whittington. Between the tow, staying in a motel for two days while your car was repaired, and the $500 repair bill, that was a lot of money you weren’t planning on spending.

You might live in Springfield and be really tired one morning while making a breakfast smoothie with a stick blender. A chunk of strawberry got stuck and in your sleepy haze, you stuck your finger in the blender to dislodge it- with your finger on the power button. On the plus side, you were very much awake after that. However, the four stitches in your finger and the anguish of having to tell that really cute hospital registrar just how dumb you were that morning really wrecked your day. The bill wrecked your checking account’s day.

Maybe your bank made you close your checking account and start a new one with a new number after some crook got a hold of your financial info. The bank replaced your stolen money, which was great, but you forgot to change your automatic payment for your ComEd bill to your new account. Then you got hit with a shut off notice and a bunch of fees. Now what can you do?

When your cash pool comes up dry, We Give Loans has the short-term solution to get things flowing again. If you don’t have any extra money saved up for car repair bills, emergency trips, unexpectedly high utility bills, or medical expenses, we can help you regain your financial stability with a payday loan or cash advance .

With over 2 million satisfied customers since 2006 and access to more than 3,558 lenders, We Give Loans can help you find the right loan from the right source- whether you have good credit, bad credit, or no credit at all. We know what it’s like to not be able to afford the things you need most, which is why we’ve made our no cost, no obligation consumer-to-lender pairing service so easy and fast to use. The application and approval process only takes a few minutes and if you’re approved by a lender, you could receive your cash advance in one business day or less.

All you have to do is fill out a short and secure form on our website today so we can start the pairing process right away. Apply now to see how we can help you!